Ripple, a crypto trading platform, mentioned that it has received a license to operate as a major payment institution from Singapore’s central bank. This is expected to allow Ripple to continue operations in the country after receiving in-principle approval in June, stated Cointelegraph.
With insights from a statement made on October 4, 2023, Ripple mentioned that its local entity, Ripple Markets APAC Pte Ltd, was granted the full license by the Monetary Authority of Singapore (MAS).
“Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth,” Brad Garlinghouse, chief, Ripple, explained.
The Singapore license is expected to allow Ripple to provide digital payment token services. Furthermore, Ripple joins a list of 14 others given the same license by MAS, including the local arms of crypto exchanges Coinbase, Independent Reserve and Blockchain.com, Cointelegraph concluded.
(With insights from Cointelegraph)
